Financial manager cheats major fashion chain out of millions #FrenchFinance

It’s a criminal case like something out of a movie: a financial manager of a large company is said to have siphoned off millions. She then leads a life of luxury until investigators catch her on a private jet on an island.

Following the cinematic arrest of a former financial manager of a major French fashion chain, the Paris public prosecutor’s office is investigating on suspicion of massive embezzlement of funds. The woman, who was arrested after landing in a private jet on the Mediterranean island of Corsica, is in custody, the public prosecutor’s office in Paris announced. According to the investigators, a sum of 100 million euros is involved, reported the broadcaster “France Info”.

The company “Kiabi” confirmed to the German Press Agency that internal investigations had revealed that the fashion chain had been the victim of a sophisticated financial fraud on a large scale. Everything is being done to recover the missing money. The fraud does not call into question the financial stability of the company.

Millions transferred abroad

According to France Info, just over a year ago, the person responsible for finance is said to have transferred the company’s millions to a specially set up account at a foreign bank, allegedly as an investment. When the fashion chain then tried to access the money in July, it turned out that it had disappeared

Investigators from the Central Office for Combating Serious Financial Crime quickly linked the huge embezzlement to the former CFO, who is now said to be working in the luxury goods industry in Florida.

As the 39-year-old shared her life of indulgence extensively on social media, the investigators knew that she had thrown a big party on the Greek island of Mykonos and then set course for Corsica from Italy by private jet. When investigators arrested her there, they found jewelry and luxury goods worth over 500,000 euros (approx. 470,000 francs) in her luggage, as France Info reported.

dpa